VisionChina Media (Nasdaq: VISN), China’s largest out-of-home digital television and advertising network on mass transportation systems and top arms loveseat the major provider of urban mass transit Wi-Fi, right now announced that it has been informed by Ledman Optoelectronic Co., Ltd. (“Ledman”) that the proposed purchase of 49% equity interests in the Company’s subway mobile Tv advertising organization (the “Transaction”) by Ledman was approved at the Ledman shareholders’ meeting on September five, 2016.
As previously announced on August 22, 2016, the Enterprise’s consolidated variable interest entity, VisionChina Media Group Co., top arms loveseat Ltd. (“VisionChina Media Group”) entered into a new equity transfer agreement (the pillow top arms “Equity Transfer Agreement”) and a new profit compensation agreement with Ledman in connection with the Transaction.
The Organization expects to consummate the Transaction in Red Barrel Studio the fourth quarter 2016. The consummation of the Transaction remains topic to the other situations offered in Red Barrel Studio the Equity Transfer Agreement. There is no assurance that all of such conditions will be happy within the anticipated time frame, or at all.